One of the crypto industry heavyweights, trying to revolutionize the payments industry by applying blockchain technology, has announced its social impact program. Dubbed Ripple for Good, the initiative will focus on supporting projects that are focused on financial inclusion and education. In addition to $80 million worth of donations, Ripple is allocating $25 million of its own funds to the nonprofit initiative.
According to a press release, the initiative illustrates Ripple’s focus on education, particularly in STEM (science, technology, engineering and mathematics) and FinTech sectors. The firm believes that education is the key factor behind innovation and has already contributed to it by donating $50 million to 17 universities worldwide via its University Blockchain Research Initiative, launched earlier this year. Ripple for Good will focus on real-world applications of the blockchain technology with the potential of social impact.
According to Ken Weber, Head of Social Impact at Ripple, “If we are truly committed to transformative global change, we will work to help ensure that innovations in banking and global payments are available everywhere to everyone, among unbanked and underbanked populations and in economies and economic sectors that serve the greater good. Our goal is to deliver on the promise of an Internet of Value for all.“
Ripple for Good will work in tandem with RippleWorks, a non-profit that support social initiatives across a number of sectors, including education and financial inclusion. Its CEO and co-founder Doug Galen said that in four years RippleWorks has worked on 70 projects in 55 countries and improved lives of 250 million people.
Ripple’s co-founder Chris Larsen has added that, “We have to stop being self-righteous disruptors and instead focus on building things that solve real world problems. If we focus the blockchain movement on that, over two billion underbanked people can become full economic citizens.“
Charity initiatives are becoming more frequent in the crypto world. Back in June, Coinbase CEO Brian Armstrong revealed GiveCrypto, a charity, accepting donations in crypto. The fund will help people in third-world countries to gain access to banking services and other financial essentials.
Earlier this year Ripple teamed up with famous actor Ashton Kutcher to donate $4 million dollars to Ellen DeGeneres‘ Wildlife Fund. Back in March, Ripple Foundation donated $29 million to the Donors Choose organization. The donation helped to fund over 35,000 classrooms with necessary materials.
Ripple’s native XRP currency has been a subject of debate recently after its unprecedented surge. Following the news that the xRapid solution will be released this fall, XRP price has skyrocketed from $0.26 on September 18th to trade around $0.53 at press time.
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